Instant View 2: Yellen to be nominated for Fed chair

(Reuters) - U.S. President Barack Obama will nominate Federal Reserve Vice Chairwoman Janet Yellen to be the next head of the U.S. central bank on Wednesday, a White House official said on Tuesday.

If confirmed, Yellen would replace Ben Bernanke, whose current term as head of the Fed ends in January. Obama is due to make the announcement at the White House at 3 p.m.

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COMMENTS

U.S. SENATOR JEFF MERKLEY, DEMOCRAT, OREGON:

"We need a Federal Reserve Chair who is both qualified and experienced, and who would look at policy-making through the lens of what's best for the middle class. Janet Yellen is exactly that. She's been one of the strongest voices on the Federal Reserve Board for job creation and the middle class and has been consistently correct in her economic predictions. Her experience as Vice Chair, and previously as President of the San Francisco Federal Reserve, makes her an incredibly qualified nominee.

"Thank you Mr. President, for this historic nomination. Janet Yellen, the first woman ever nominated for the position, is a great choice."

U.S. SENATOR CHARLES E. SCHUMER, DEMOCRAT, NEW YORK:

"She's an excellent choice and I believe she'll be confirmed by a wide margin."

SEAN CALLOW, SENIOR CURRENCY STRATEGIST AT WESTPAC IN SYDNEY:

"Markets are giving Yellen the thumbs up, counting on QE being maintained at full pace until further notice.

"It's a notable reaction given Yellen's nomination was so widely expected and that it comes at a time markets are already assuming the FOMC will not seriously consider a policy change at the October meeting given the fiscal standoff."